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week ending November 15th, 2019
As employees plan for retirement, a key to being ready is to accumulate as much savings as possible. With the new IRS limits, plan participants are able next year to put more into their retirement plans. There seems to be a link between the investment menu defined contribution (DC) plan sponsors offer participants and how much the participants save. Helping participants understand the tax benefits of saving in a retirement plan would encourage plan participation, and explaining the negative consequences of taking money out of their savings may help stop leakage. Research shows that employees are also looking to invest their assets in health savings accounts (HSAs) to accumulate more for retirement health care expenses. And, actuary groups say a better understanding of longevity can help employees plan for investment strategies in retirement and health care expenses, among other things. Enjoy this edition of PLANSPONSOR Weekend!
Editor's Choice
Investing
The Role DC Plan Investment Menus Play in Participant Savings
Do managed accounts or larger investment menus encourage participants to add more to their DC plans?
Administration
Helping Participants Understand Tax Considerations for Retirement Plans
Understanding all the tax implications of qualified retirement plans can be daunting, but there are a few key things participants should know.
Administration
Ways to Combat Pervasive Leakage
The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part or all of their retirement savings when switching jobs.
Benefits
HSA Holders Looking to Invest, But What Will They Find?
Although investment menu designs are better, there are still improvements that can be made and items plan sponsors should evaluate when selecting an HSA provider.
Products
Actuary Groups Update Longevity Calculator
A better understanding of longevity can help employees plan for investment strategies in retirement and health care expenses, among other things.
Popular Reads
Compliance
CARES Act Passes Congress, Including Retirement Plan Relief
Plan sponsors who have faced regional natural disasters will be familiar with many of the relief provisions adopted by Congress, from the suspension of required minimum distributions to the doubling of loan limits.
Compliance
Retirement Plan Provisions Included in Senate’s Stimulus Package
Among other things, the bill would allow for targeted, penalty-free access to tax-qualified accounts for those hit hardest by the health crisis.
Administration
Plan Sponsors Facing Difficult Decisions During Coronavirus Pandemic
Stopping employer matching contributions, laying off employees, adjusting DB plan contributions; plan sponsors need to understand the effects of each decision.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning retirement plan administration and regulations.
Compliance
Tax Filing Relief Adds Time to Contribute to Benefit Plans
Individuals have more time to contribute to IRAs and HSAs, and employers have more time to contribute to their retirement plans.
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